Historical Year Data · 2022
AAA Credit Spread in 2022
AAA Credit Spread opened 2022 at 53 bps and closed at 58 bps, a +9.43% move for the year. The high of 82 bps was reached on March 8, and the low of 49 bps on January 5.
Open
53 bps
2022-01
Close
58 bps
261 data points
High
82 bps
Mar 8
Low
49 bps
Jan 5
Full Year Change
+9.43%
2021 Change
-10.53%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 53 bps | 65 bps | 66 bps | 49 bps | +22.64% |
| Feb | 62 bps | 69 bps | 73 bps | 59 bps | +11.29% |
| Mar | 70 bps | 58 bps | 82 bps | 58 bps | -17.14% |
| Apr | 58 bps | 70 bps | 70 bps | 53 bps | +20.69% |
| May | 70 bps | 62 bps | 75 bps | 62 bps | -11.43% |
| Jun | 60 bps | 71 bps | 71 bps | 60 bps | +18.33% |
| Jul | 71 bps | 59 bps | 74 bps | 58 bps | -16.90% |
| Aug | 60 bps | 65 bps | 65 bps | 57 bps | +8.33% |
| Sep | 65 bps | 73 bps | 76 bps | 61 bps | +12.31% |
| Oct | 70 bps | 63 bps | 74 bps | 63 bps | -10.00% |
| Nov | 63 bps | 53 bps | 64 bps | 51 bps | -15.87% |
| Dec | 53 bps | 58 bps | 61 bps | 52 bps | +9.43% |
Events During 2022
2022 Fed Rate Hiking Cycle
Stagflation
March–December 2022
The Fed raised rates 425bps in 2022, the fastest hiking cycle since the Volcker era. The 60/40 portfolio posted its worst year since 1937.
2022 UK Mini-Budget & Gilt Crisis
Stagflation
September 23 – October 14, 2022
UK Prime Minister Liz Truss's September 23, 2022 mini-budget triggered a collapse in sterling and gilts. LDI pension strategies faced forced liquidation. The Bank of England intervened to prevent financial instability.
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